Refer to Table 3.1. Which of the following cannot be true?
A) The consumer could be indifferent between A and B.
B) A and C could be on the same indifference curves.
C) The consumer could be indifferent between B and C.
D) A and C could be on different indifference curves.
A
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Suppose the price level increases and real GDP remains the same. Then
A) nominal GDP must decrease. B) nominal GDP must remain unchanged. C) nominal GDP must increase. D) none of the above are true.
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna holds an auction between the two bidders, and both have high values, she would earn ___ from the auction
a. Just above $100 b. $100 c. Just above $70 d. $70